Queen Mary, University of London has been awarded funding of over £750,000 to help translate research ideas into commercial success.
The funding comes from the Engineering and Physical Sciences Research Council (EPSRC), the UK’s main funding agency for scientific research. The Business Secretary, Vince Cable, announced on Thursday 14 November that EPSRC have awarded ‘Impact Acceleration Accounts’ ranging from £600,000 to £6m to 31 universities across the UK.
The Accounts will support the very early stage of turning research outputs into a commercial proposition – often described as the “valley of death” between a research idea, and developing it to a stage where a company or venture capitalist might be interested. It will also allow universities to fund secondments for scientists and engineers to spend time in a business environment: improving their knowledge and skills and returning to the lab with a better understanding of the way companies operate and the challenges they face.
Vice-Principal for Public Engagement and External Partnerships, Professor Peter McOwan describes how the funding will help Queen Mary:
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Dr. Adam Daykin, Head of Technology Transfer (Technology and Engineering) at Queen Mary Innovation is hoping to use the funds to support new ventures like QTech Software Accelerator.
Watch for more information:
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The award of £754,774 marks the launch of the Queen Mary Innovation Forum at a special panel event on Tuesday 20 November.
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